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REGISTERED NUMBER: 10777370 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

IT TROUBLE FREE LIMITED

IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IT TROUBLE FREE LIMITED

COMPANY INFORMATION
for the Year Ended 31 May 2023







DIRECTORS: Mr O G Denhard
Mr J S Upton





REGISTERED OFFICE: Chalfont Hall
Gravel Hill
Chalfont St. Peter
Gerrards Cross
Buckinghamshire
SL9 0NP





REGISTERED NUMBER: 10777370 (England and Wales)





ACCOUNTANTS: Kings Chartered Accountants
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)

BALANCE SHEET
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 18,308 22,885
Tangible assets 5 14,956 14,032
33,264 36,917

CURRENT ASSETS
Stocks 6 7,841 5,654
Debtors 7 45,562 88,839
Cash at bank 98,070 97,008
151,473 191,501
CREDITORS
Amounts falling due within one year 8 90,414 128,340
NET CURRENT ASSETS 61,059 63,161
TOTAL ASSETS LESS CURRENT
LIABILITIES

94,323

100,078

CREDITORS
Amounts falling due after more than one
year

9

94,081

99,311
NET ASSETS 242 767

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 142 667
SHAREHOLDERS' FUNDS 242 767

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)

BALANCE SHEET - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:





Mr O G Denhard - Director


IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

IT Trouble Free Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the provision of services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 45,770
AMORTISATION
At 1 June 2022 22,885
Amortisation for year 4,577
At 31 May 2023 27,462
NET BOOK VALUE
At 31 May 2023 18,308
At 31 May 2022 22,885

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022 4,046 19,172 23,218
Additions - 5,317 5,317
At 31 May 2023 4,046 24,489 28,535
DEPRECIATION
At 1 June 2022 1,934 7,252 9,186
Charge for year 528 3,865 4,393
At 31 May 2023 2,462 11,117 13,579
NET BOOK VALUE
At 31 May 2023 1,584 13,372 14,956
At 31 May 2022 2,112 11,920 14,032

6. STOCKS
31.5.23 31.5.22
£    £   
Stocks 7,841 5,654

IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 42,187 87,659
Tax - 28
Deferred tax asset 1,544 883
Accrued income 1,831 269
45,562 88,839

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts (see note 10) 5,204 5,071
Trade creditors 6,166 18,583
Social security and other taxes 4,647 5,011
Value added tax 31,692 36,749
Other creditors 19,924 26,644
Directors' current accounts 1,790 8,452
Accruals and deferred income 20,991 27,830
90,414 128,340

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans (see note 10) 34,081 39,311
Directors' loan accounts 60,000 60,000
94,081 99,311

10. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,204 5,071

Amounts falling due between two and five years:
Bank loans - 2-5 years 34,081 39,311

11. DEFERRED TAX
£   
Balance at 1 June 2022 (883 )
Provided during year (661 )
Balance at 31 May 2023 (1,544 )

IT TROUBLE FREE LIMITED (REGISTERED NUMBER: 10777370)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Retained
earnings
£   

At 1 June 2022 667
Deficit for the year (525 )
At 31 May 2023 142